Electricity Customers Didn’t Save Money with Retail Sellers
This was a bummer to read...Mainers did not really save any money.
The Associated Press reports a new state report finds that Maine electricity customers paid $77 million more than they needed to on power for several years.
The Bangor Daily News reports the Maine Public Utilities Commission found residents would have saved $77 million if they stuck with the state-regulated power price instead of buying from retail sellers from 2012 to 2016.
The BDN found retail supplier Electricity Maine lured many customers with prices lower than the state-regulated price. The supplier than raised its average price and took in about $58 million more than if rates had matched the standard state price.
The AP added that lawmakers passed a law last year to limit rate increases and prevent companies from automatically re-enrolling customers into new contracts.